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Two FHA home loans with less than perfect credit

 I am a Wisconsin resident. I am looking for a company that 1) knows how to underwrite a second FHA 2)works with people with less than perfect credit. My husband and I own a home that is secured through an FHA loan first taken in 2003, refinanced in 2008. The issue is that we have now outgrown the home. Our children do not have enough space to have their own rooms (opposite gender). Our plan is to rent the home to a family friend. The issue is, that our credit scores are barely high enough to qualify for a second FHA ( three highest scores 618, 605,603). I am not sure if it is even possible to get a second FHA, because, according to my research, only certain companies do this. We have had a great 48 month payment history, with only 1 late payment on all trade lines. Our monthly income is $7500, our debt is approx. $3000. So far no one has been able to assist, I am not sure that anyone will be able to either. I am now just trying to make contacts, so that hopefully in a few months we might have options. 

 

  • May 23 2012 - US
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Answers (3)

Best Answer

Hello,

Compliment of the day to you and your  family over there. I am Mrs. Maria Morlan, a citizen of US Alaska, i read your  classified in an online search that you are looking to find a legitimate loan. So i want to use this medium to tell you that there are a lot of fake lenders online and i was once a victim of online scammers, i got scammed so many times trying to secure a loan online and then i nearly gave up because i thought that there was no true loan company online, until a friend of mine introduced me to an oversea lender Mr. Samuel Mark the managing director of the GOLD STAR FINANCE LOAN COMPANY in United kingdom, which first i thought was not real, then later on i said let me give them a try and when i did, i never believe that my dreams of getting a loan would come true, but after the transaction was done i finally receive my loan in my account, it was unbelievable for me because i never thought that i will receive this loan.

I am now financially blessed, free from debts and i am doing well in my newly established business right now. I am sharing this testimony with you now because God in heaven has really change my story with THE USE OF Mr. Samuel Mark. So on my research last night i found your post add that you need to find a loan, so i want to advise you that there is only one solution for you, don't get yourself scammed by fake lenders, follow the step i took and you will be free and become a happy person like me today.

[content removed by Zillow due to spam.  Please refer to our Good Neighbor Policy for details.]

Thanks and have a nice day.

Regards,

Mrs. Maria Morlan.
  • May 24 2012
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I'm a citizen of US California. FHA will allow a second loan for increase in family size. The key requirement is your current FHA loan must be 75% or less of your current property value, which is a tough hurdle. If you meet that crieria you would be eligible. You would then do well to attempt to increase your credit scores. Your current scored don't specifically eliminate your eligibility but remove the vast majority of potential lenders available.
  • May 25 2012
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No offense Maria Morlan, but uuuumm,  I'm not that desperate. You are a scammer and I am not interested in something that is going to magically appear in my account. I did mention that I am a homeowner, so I know enough to realize that securing a home loan does not work that way. I am looking for real answers thank you and nice try, scammer. smh
  • May 24 2012
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